Transparency the price insurance can’t afford:: MP’s have claims management companies in their sights

As I have been saying for several years, when it comes to TRANSPARENCY for the insurance industry, “resistance is futile”!!!

Whether the current concern is broker commission disclosure, OFT investigations in pricing and activities of the motor insurance market, the collapse of Merlin Loss Adjusters, appalling customer service or Loss Assessors being sent to prison THE MESSAGE IS CERTAINLY TRANSPARENT…but, for how much longer can the industry remain in denial?

The decision of government business managers to schedule a three hour backbench debate next Thursday (8 November) on the Regulation of Claims Management Companies shows the level of concern across all parties at the activities of these firms, especially in relation to personal injury claims and payment protection insurance (PPI) compensation.

via MPs have claims management companies in their sights- 01 Nov 2012 – Post Online Blog.

One Response to Transparency the price insurance can’t afford:: MP’s have claims management companies in their sights

  1. John Ovenden says:

    What has to be understood first is this, people have responsibilitiies when procuring services and need to justify a six figure salery. The process of deciding on a service provider such as a claims management company isn’t that stringent isn’t that in depth. Therefore when a decision has been made that has actually cost an insurer money due to opaque transparency, the problem needs to be muffled or lost in the complexity of the contract. However this is the time when the insurers need to be inquisitive of the options out there. There needs to be an open eyed, fresh look at how to minimise leakage to take a different aproach in investigating what is currently on offer. To re-visit what terms and conditions insurers are currently working under now and assess, re-negotiate to more favourable outcomes.
    I see no real need for politicians to be involved, if the problem can’t be resolved “In house” if we can’t wake up and smell the coffee in this industry then if the politicians get involved to clean it up then the general publics perception will only be less than it was last year or the year before or the one before that. Pretty poor really for a supposed professional industry entrusted with millions of pounds of public money.

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